Currently, more than 1.7 billion people in developing economies are prevented from participating in economic opportunities because of not having a traditional bank account
Adam Sadiq, New World Group (NWG) CEO, a global diversified investment company with more than $2.5 billion in assets under management. said: “Too many people in the world’s poorest countries face financial exclusion because they cannot open an account at a traditional bricks and mortar bank’. As a result, they are unable to enjoy the opportunities made possible by economic growth, and in many cases remain stuck in the poverty trap.”
The company continues to play a leading role of investing in technology companies seeking to re-invent their industry ecosystems - through its Mozaic business vertical.
Mozaic provides smart, efficient, and strategic capital to robust and scalable technology businesses led by driven and able entrepreneurs. Under the Mozaic enabler, NWG has incubated & launched the global digital platform ‘Algbra’ for the unbanked and underserved.
Sadiq added: “By launching the global digital platform Algbra, we will empower millions of people by enabling them to take advantage of the kinds of digital finance services those of us who live in developed economies often take for granted.”
Algbra will deliver financial services through one application to address this significant gap in the global economy. It will offer accounts, debit cards, savings, rewards, FX, remittances and more. Early-stage investors in Algbra include the British government & SFC Capital.